Brightside profit leaps
Profit at the Brightside Group, the insurance broking and financial services business, jumped 182% to £6.2m for 2008 from £2.2m in 2007. Revenue also increased 42% to £33.2m. Its 2008 report said: “The group enjoyed a successful year driven by increasing premium rates and the success of its leading-edge technology on the internet.”
Citi Investment Research has found that insurers posted their worst relative quarterly performance for six years in the first quarter of this year. It said solvency fears would continue to haunt many insurers and that companies’ reassurances had fallen on deaf ears. “Equities have fallen sharply, government bonds have declined and the outlook for real estate values looks ominous,” said the report.
Pembroke boosts capacity
Pembroke Managing Agency has received approval to increase its capacity 30% to £95m to write new business and support premium growth. “This increase is the next step in our strategy to grow the syndicate and take advantage of improving market conditions,” said Mark Wheeler, active underwriter for Syndicate 4000.